PROMOTING RENEWABLE ENERGY THROUGH THE PRIVATE SECTOR

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1 PROMOTING RENEWABLE ENERGY THROUGH THE PRIVATE SECTOR PATRICK WILLEMS IFC EUROPE AND CENTRAL ASIA DEPARTMENT RUSSIA RENEWABLE ENERGY PROGRAM 01 October 2015

2 IFC: A MEMBER OF THE WORLD BANK GROUP IBRD IDA IFC MIGA ICSID International Bank for Reconstruction and Development International Development Association International Finance Corporation Multilateral Investment and Guarantee Agency International Centre for Settlement of Investment Disputes Loans to middleincome and credit-worthy low-income country governments Interest-free loans and grants to governments of poorest countries Solutions in private sector development Guarantees of foreign direct investment s noncommercial risks Conciliation and arbitration of investment disputes 1

3 THE PRIVATE SECTOR S ROLE IN CLIMATE MARKETS Innovation Execution capacity Finance 80% financing expected from the private sector (UNFCCC) Cost efficiency 2

4 IFC S APPROACH TO MOVING CLIMATE MARKETS Improving the Enabling Environment Demo Investments Case Study: Albania Hydro Case Study: CSP in South Africa Setting New Standards Charting New Territory 3 Case Study: EDGE Green Building Program Case Study: Modern Karton

5 OTHER PROJECTS OF NOTE WORLDWIDE: 4 Mexico Aura Solar: 1 st large-scale merchant solar plant in country Colombia- Recaudo: Mobile payment system for smart transport Chile - SunEdison: Largest solar plant in Latin America Albania- Hydro: Advisory program on regulations and access to finance Romania-Timisoara: District heating and mass transit for city Cote d Ivoire Azito: Efficiency for gas plant to produce 50% more energy South Africa- EDGE Program: Green building certifications and access to finance Turkey- Modern Karton: Adaptation in water stressed area Lebanon-Fransabank: RE/EE Financing China- CHUEE: Risk-sharing with banks for RE/EE financing Nepal- Hydro: Market transformation program India- Gujarat Solar: PPP for solar rooftops Bangladesh- Textiles: Water efficiency Philippines- Finance: UNFCCC award-winning program

6 IFC InfraVentures Objectives, structure and working: IFC InfraVentures is a global infrastructure project development fund $100 million fund with five-year fund life Mandate to invest in infrastructure projects in IDA borrowing countries* For each project, IFC InfraVentures can fund up to US$ 4 million of project development expenses at an early stage. Typically, this would be 20-30% of the early-stage financing required to bring the project to financial close. In selected situations, IFC InfraVentures may take a larger stake or even lead project development as a surrogate sponsor In return, IFC InfraVentures will take a stake in the equity of the project at financial close This is not grant funding Additional debt and equity to fund construction could come from other parts of IFC s balance sheet (would be subject of a separate agreement) Fund staff work proactively as co-developers of the project, alongside the lead sponsor. Dedicated, experienced senior professionals are deployed * For a list of IDA borrowing countries, see 5

7 CLEAN TECHNOLOGY FUND (CTF) Project eligibility criteria: The $5.3 billion Clean Technology Fund (CTF), a funding window of the Climate Investment Funds. Established in 2008 to provide scaled-up financing to middle income countries to contribute to the demonstration, deployment and transfer of low carbon technologies with a significant potential for long-term greenhouse gas emissions savings. CTF concessional financing, channeled through five partner multilateral development banks (MDB), focuses on large-scale, country-led projects in renewable energy, energy efficiency, and transport. AfDB, ADB, EBRD, IDB, WBG $6.1 billion is allocated under the CTF for 134 projects and programs, expecting co-financing of $51 billion from other sources. CTF allocations are projected to result in approximately 1.7 billion tons of CO2 emission reductions over their lifecycle like taking 350 million cars off the road. 6 CTF $3.3 billion (54% of CTF allocations) is approved and under implementation for 59 projects, expecting $31 billion in co-financing. Projects aim to deliver 15 GW of renewable energy capacity of which 2 GW is already installed.

8 IFC: NOT ONLY INVESTMENT BUT ALSO ADVISORY SERVICES Regulation Pipeline dev. Generation T&D Energy use/ Industry Ongoing activities in Europe and Central Asia Renewable Energy in Russia, Western Balkans, Central Asia, Caucasus, Turkey, Morocco, Pakistan, Ukraine Resource Efficiency in 26 countries of EMENA region Sustainable Energy Finance with banks in Russia, Ukraine, Morocco, Jordan, Armenia, Albania, Lebanon, Azerbaijan, Turkey, Belarus Standard service offerings Government: Regulatory reform advice Power sector companies (utilities, transmission and distribution operators, generating companies, private project developers, IPPs): feasibility support, targeted assistance Industry: resource efficiency and captive power scoping and in-depth assessments 7 7

9 RENEWABLE ENERGY IN RUSSIA 8 Russia is endowed with more than just fossil fuels and minerals: Significant renewable resources, many of them untapped. Renewable energy market is far from fully developed. Russia has been dubbed the Green Giant due to its renewable energy potential.

10 RUSSIA RENEWABLE ENERGY PROGRAM (RREP) GOALS: Environmental To reduce GHG emissions on a continuous basis by overcoming barriers to the development of renewable energy in the Russian Federation Development To facilitate a sustainable market for renewable energy in the Russian Federation by supporting the development of enabling policies, institutional capacity, market facilitation and financing mechanisms Infrastructure 205 MW of installed capacity of new, renewable power generation 9

11 RREP ADVISORY SERVICES Services: Energy market research and regulation analysis; Technical support / identification of optimal technical solutions and project design; Financial and mathematical modeling of project performance for presentation to investors; Analysis and verification of feasibility studies and technical documentation of investment projects; Third party opinions on expected performance of investment projects for investors/financial institutions; Legal and transaction support. provides on-going support to governmental bodies (on federal and regional levels) provides on-going technical and economic advice to investors and project developers facilitates consensus building among industry players (different RE technologies) 10

12 RREP TRACK RECORD WITH THE PRIVATE SECTOR Current clients with projects in Russia: Private hydro generation company developing projects for retail and wholesale electricity markets (several regions); Private investment company developing 200MW wind generation project; Private company developing wind generation projects in isolated/off-grid areas; Russian Investment Fund considering financing for wind generation project; State generation company considering investment into renewable energy project; Pre-feasibility studies for private clients in the mining sector for hybrid systems. 11

13 WORKING LOCALLY IN PILOT REGIONS 1. Kaluga 2. Nizhny Novgorod 3. Belgorod 4. Tomsk 5. Far East 12

14 WORK IN PRIVATE SECTOR: PROJECT DEVELOPERS Case Study 200 MW wind park in northwest Russia Support to client Market intelligence Analysis of renewable energy support legislation Financial modeling Support with 3 rd party investors 13

15 SUPPORT LEGISLATION FOR RENEWABLE ENERGY IN RUSSIA Decree No. 449 on the Mechanism for the Promotion of Renewable Energy on the Wholesale Electricity and Capacity Market Adopted: 28 th May 2013 Supported Technologies: Support mechanism: Wind, Solar, Small Hydro Capacity payments (not FIT) Complex support scheme specifically tailored to Russian electricity market RREP developed advanced financial model based on the legislation Specialized training for banks and other financial institutions Gathered key industry players for regular business breakfasts to foster dialogue 14

16 SUPPORT WITH LOCAL CONTENT REQUIREMENTS 70% 60% 50% 40% 30% 20% 10% 0% Local content requirement for wind projects under current Russian legislation Worked with government and industry organizations to formulate and express concerns on local content requirements Levels were adjusted to match market conditions Advisory support to international OEMs looking at production in Russia Supply chain studies for local companies interested in equipment manufacturing 15

17 TECHNOLOGY TRANSFER: ISOLATED REGIONS St. Paul Island, Alaska Many isolated regions of Russia rely on expensive and polluting diesel generation. Hybrid renewable energy systems can help bring affordable and reliable power to local populations. Alaska has been at the forefront of developing these technologies and know-how. IFC has helped connect local governments and private companies in isolated regions with experts from Renewable Energy Alaska Project. 16

18 IFC AND CTCN: AREAS FOR COOPERATION Capacity Building and Technical Assistance Joint trainings for private sector and/or government agencies Best practices for RE incentive schemes Development of market infrastructure Connections and Market Intelligence Data sharing and market trends Connecting interested parties with respective organizations Promotion of both organizations to reach common goals Foster Technology Transfer Identify local markets technological needs Financing of clean energy projects based on latest technologies 17

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